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  • Olivetti's bid for Telecom Italia will prove a watershed in European corporate finance whether it succeeds or not. First, it shows that the orgy of shareholder value-linked corporate restructuring promised by proponents of the euro will happen, and faster than anyone predicted. Second, it is proof that, however much Europeans may try to prevent it, what happens in the US eventually happens in Europe. This is an unprecedented hostile leveraged bid. At a stroke every European corporation has been forced to acknowledge that it is in play. And at a stroke it has created a US-style environment for investment banks, their corporate advisory teams and the leveraged lenders. Right now all over the eurozone corporations are hiring investment banks to explore defences and acquisitions of their own.
  • Talking of Deutsche Bank, when the twin towers give up on Russia it's time to take stock. The bank has had a relationship with the country for a century and more - a relationship someone senior in Frankfurt must think worth preserving at the expense of almost total write-off. But should the bank have caved in? After all, the Russians have generally shown no willingness to accept that the default by a former superpower on its government debt is a serious matter.
  • With non-performing loans at some Thai banks running at horrifying rates, it's perhaps understandable that tough collection methods are needed, but isn't hiring martial arts experts a step too far?
  • Bankers might be forgiven for thinking that when lawyers get their teeth into a juicy case they make it run and run. But, warns Christopher Stoakes, we have still to hear the last of the swaps cases
  • The Nordic region, with its concentration of internationally recognized corporates, prosperous retail markets and developed capital markets, is an attractive prize. The race to become the regional powerhouse is on. Euan Hagger reports.
  • A good dose of Anglo-Saxon culture is what the European Central Bank needs on its executive board, and the quickest way to achieve that is for the UK to join the euro. This isn't UK prime minister Tony Blair speaking, it's Francesco Giavazzi, economics professor at Bocconi University in Milan.
  • Behind the thriving anarchy of China's coastline there's an industrial hinterland that is depressed, debt-ridden and still largely state-controlled. Few bosses of the state-owned enterprises there have the power to cut their workforce or pay bonuses. Even if they do, the state-owned banks are keeping them and the competition on life-support. Overcapacity, pollution and poverty are omnipresent, part-mitigated by the huge Three Gorges Dam project, which employs 25,000 people and will displace two million. Euromoney's Steven Irvine followed investment scout Richard Tsiang into the interior to see China's true economic heartland - a textile company that raise pigs, a salt plant with its eyes on a broadcast-equipment producer and a television factory that wants to give away its products
  • "I know success is hard to write about, but you should congratulate the entire financial services industry - the banks, the broker dealers, the custodians, the clearing systems, the market-data providers - for their efficiency, commitment, resilience and professionalism," says Jacques Favillier, Emu project co-ordinator at Dresdner Kleinwort Benson. Several weeks after the birth of the euro, there is still a note of faint disbelief in Favillier's voice that financial markets didn't suffer major disruptions during the changeover weekend. "It's been a big surprise. It's gone far better than I thought," he says.
  • After months of frustration, the foreign banks negotiating repayment of Russian debt are as divided among themselves as they are against the Russian government. Deutsche Bank's decision to accept the latest offer while leading a 19-bank committee still fighting over terms has caused uproar. Individual banks now have to decide whether to follow Deutsche's example or take legal action in a last-ditch attempt to recover some of the $40 billion in rouble debt on which the government defaulted last August. Jack Dyson reports.
  • Euroland Municipal Bonds: New city states
  • Euromoney received replies from 32 economists at leading financial and economic institutions. They gave each country's economic performance for 1999 and 2000 a score out of 100. The world's fastest-growing, best-performing economy in an ideal year would score 100; the worst economy in a disastrous year would score zero. Respondents were asked to consider economic growth, monetary stability, current-account balance, budget balance, unemployment and structural imbalances. Economists also gave GNP growth forecasts for 1999 and 2000. Countries which received no votes are excluded from this table.
  • The euro will fall by a further 10% against the dollar and reach parity with the US currency within a year.